natural resource: The move comes following complaints from investors that the 55 percent rate introduced last year was too high, according to Russia Today. We decided to lower the royalty taxes by about half, beginning with October 1, Jaresko said during US-Ukraine Business Forum taking place in Washington, D.C. The proposal still needs to be approved by the Ukrainian parliament to become official. Tags Economy, Energy, Gas, Natural resources, Oil, Politics, Ukraine Ukrainian Finance Minister Natalie Jaresko announced that Kiev will be lowering its natural resource royalty taxes to spur business. By opening up the potential of our country natural resources, we will be able to increase national security, build up a serious competition in the industry, which will lead to the creation of a large number of jobs in the energy sector, Jaresko stated. The rate for deeper fields would drop from 28 to 14. Ukraine to stop buying Russian gas after talks on new deal fail The new law would see the royalty rate lowered from 55 percent to 29 for oil and gas fields less than 5 kilometers deep.
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Tagged under natural resource, Business Forum topics.